Ex-Pat Mortgage Solutions

Ex-Pat Mortgage Solutions

Are you a Canadian citizen living and working abroad? Perhaps you have been watching the markets in Canada and seeing how low our interest rates are and have been thinking that you could invest your hard-earned money in the Canadian real estate market?

You have come to the right place!

I have been working with Canadian’s living and working abroad to obtain low –interest rate mortgages for real estate investments, that provide a great cash-on-cash return year after year. Some of my clients are purchasing properties and renting them out until the day they decide to return to Canada.

As you know investing in Canada can provide you with:

  • Opportunity to invest in a Country that did not experience the economic downfall experienced and unfortunately still ongoing in the US – our closely tied Neighbors;
  • Excellent cash –flowing opportunities across the Country. With Toronto being our largets city in the country, you have incredible opportunites inside the city but also outside of the city in such areas as Hamilton and the Niagara region to the West and Barrie and York region to the North, to name just a few and also properties such as, single-family homes, multi-family homes, commercial properties and more;
  • You have access to a professional real estate team, such as mortgage brokers, real estate agents, accountants and lawyers – we guide you every step of the way!
  • Investing in Canada and using a Canadian banking institution, available through the mortgage broker portal only, provides you with an opportunity to establish credit in Canada, if you decide to move back one day in the future.

Here are some recent Case Studies I would like to share with you:

CASE STUDY #1 - A gentleman who is Canadian but living in China, wished to purchase a student-rental for his son, who is attending McMaster University in Hamilton, Ontario (about 1 hour west of Toronto); the idea being that his son would be going to school in Canada and instead of staying on campus, he could be in his own place and rent out the other rooms to other students; he used our brokerage to qualify the amount he could purchase for with a 35% downpayment; he then used the services of a local realtor in Hamilton, who was knowledgeable about the area and the student rental market.

END RESULT: From start to finish we found him a student rental purchase in less than 3 months and a property manager to take care of the property in his absense.

 

CASE STUDY #2 – A family who were living in Kuwait, earning tax free US funds, wanted to invest in Canada, because being ex-pats, they were not allowed to purchase property in Kuwait or surrounding countries. They also knew that they would be coming back to Canada in the coming years as their sons would be going to university in Canada. They came with the min. 35% downpayment, looked around the various markets in Canada and ended up purchasing a triplex in Brampton for 10% below market, because the property did require some work – however the investor saw the benefits of purchasing a slight fixer-upper so they could capitalize on the returns.

END RESULT: From start to finish, the investor was able to qualify, purchase the property and have the renovations done and then filled with amazing clients in 8 months.

 

SECRET OF SUCCESS: They both worked with our team of mortgage broker, real estate agent, accountants who specialize in ex-pat clients and finally our real estate lawyers. A team that can take you from beginning to end!

What documents you require:

Initial application from The MPC

  • Foreign credit bureau or letter of reference from Bank – on letterhead and signed by branch manager
  • Letter of employment – stating the following:
    • Tenure, position, income amount (gross)
    • Must be on letterhead and signed by your boss or HR dept.
  • Standard income tax filings– 2 years required (in your country of residence)
    • If you don’t file taxes in the country you are currently residing in, (ie. Saudi Arabia), you will need a notarized letter from a professional accountant stating you don’t file taxes or pay taxes in that country
  • Bank statements showing income deposits
  • Statements of assets and liabilities
    • Attested by bank manager
    • Need 6 months of bank statements showing payments
  • List ALL properties owned and provide current mortgage statements and property tax statements
  • Full appraisal –has to be ordered by your broker

Please note Unless you are paying cash for your property, you will need to use a local mortgage broker. Having access to over 40 lenders, including banks, credit unions and even private lenders, we will find the product and terms that best work for you.

When it comes to ex-pat’s investing in Canada, using a mortgage broker is your best option. We will ensure that all documents are verified and that you are qualified to purchase your rental property, in as short as time as possible.